These regulations are designed to protect Japanese investors and reduce the risks associated with illegal activities in the crypto space.
Japan’s Financial Services Agency (FSA) has issued warnings to five cryptocurrency exchanges—Bybit, KuCoin, MEXC Global, Bitget, and Bitget Limited—for offering services to Japanese users without legal registration. These exchanges have violated Japan’s cryptocurrency trading regulations and lack oversight on the segregation of customer assets. The FSA is also drafting legislation to prohibit transferring domestic assets abroad in case of an exchange’s bankruptcy. These regulations are designed to protect Japanese investors and reduce the risks associated with illegal activities in the crypto space. Japan’s efforts to regulate cryptocurrency indicate its commitment to overseeing the industry, although it may face challenges similar to those encountered by China.
Source: coingape.com
